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Identify and explain the main features of different forms of business organisation Describe the main features of sole traders, partnerships, limited companies, franchises and joint ventures Understand the differences between sole traders and partnerships Understand the differences between unincorporated businesses and limited companies
Partnership
Sole Proprietor
Business owned by one person Can also be called a sole trader Usually a very small business
What is a partner?
Partnerships
Owned by a minimum of two and a maximum of 20 people
Examples of Partnerships
Doctors Dentists Solicitors Accountants Surveyors Etc.
Why might partnerships be better than sole traders? Write down your ideas
Deed of partnership
This is a legal document that sets out:
Who invested how much capital How the profits are split How to resolve disputes
Financial Information
Bankruptcy
Unlimited liability
This occurs when the business cant pay its debts The owners of the business are personally liable for any debts which the business may have
Tax on Profits
Financial Information
Bankruptcy
Unlimited liability
This occurs when the business cant pay its debts The owners of the business are personally liable for any debts which the business may have
Tax on Profits
Public Corporations
Public Corporations
Owned and controlled by the Government The Corporations get some money from the Government, but they also make money themselves Any surplus money goes to the Government